2024-10-01 12:54
BERLIN, Germany, Oct 1 (Reuters) - The criminal trial of former Volkswagen Chief Executive Martin Winterkorn over the so-called dieselgate scandal has been suspended due to his poor health, a court in Braunschweig said on Tuesday. All hearings have been cancelled because Winterkorn, who was toppled from the helm of the company in 2015 after it emerged that millions of Volkswagen cars had been manipulated to pass environmental standards, will not be fit to attend in the coming months, the court said. The first quarter of 2025 is now being considered as a new timeframe for the start of the 77-year-old's trial, the culmination of a case more than five years in the making. The criminal charges against Winterkorn include fraud, market manipulation and unlawful false testimony before a parliamentary committee. He is also alleged to have failed to inform the capital market in good time about the mass manipulation of diesel engines in 2015. At the start of the trial in September, Winterkorn said via his lawyer that he "did not defraud or harm anyone" and "did not deliberately leave the capital market in the dark so that investors would be harmed". The suspension comes as the future of Volkswagen's German locations is in question and the carmaker looks for billions of euros in savings at its namesake brand. Sign up here. https://www.reuters.com/business/autos-transportation/dieselgate-trial-former-vw-chief-suspended-due-ailing-health-2024-10-01/
2024-10-01 12:40
MOSCOW, Oct 1 (Reuters) - Russia's Voronezh region, one of the country's key farming areas for grain and sugar beet, on Tuesday declared a state of emergency due to drought, the local agriculture ministry said. Voronezh was Russia's fifth-largest grain-producing region in 2023, with a harvest of over 6 million metric tons, 4% of the nationwide total. This year, the region expects a harvest of 4.5-5.0 million tons. It declared a previous emergency - a measure that allows farmers to obtain insurance payments and government support - after frosts in May. Russia, the world's biggest wheat exporter, has so far stuck to its official grain harvest forecast of 132 million tons despite extreme weather hitting many of its key grain-producing regions this year. That compares with 148 million tons in 2023 and a record 158 million tons in 2022. Sign up here. https://www.reuters.com/world/europe/drought-forces-russias-voronezh-region-declare-farming-emergency-2024-10-01/
2024-10-01 12:08
SAO PAULO, Oct 1 (Reuters) - Brazilian miner Vale (VALE3.SA) , opens new tab and Green Energy Park have agreed to team up to explore opportunities for green hydrogen production in the South American country, the mining giant said on Tuesday. WHY IT'S IMPORTANT Brazil has been looking to develop a green hydrogen industry as part of efforts to unlock new sectors to power its energy transition, with the government dubbing it a "real possibility" for the country to expand its footprint in renewables. Vale meanwhile wants to focus on low-carbon initiatives for the steel industry as it aims to reach net-zero carbon emissions by 2050. GOALS Vale and GEP will jointly study the feasibility of building a green hydrogen plant in Brazil so it could eventually supply a "mega hub" the miner expects to develop in the country, according to a statement. As part of its decarbonization efforts, Vale plans to make in the "mega hubs" iron ore agglomerates - pellets or briquettes - that would serve as an input for hot-briquetted iron, which would have renewable hydrogen as reducing agent. KEY QUOTES "Vale has been actively seeking partners to enable the construction of mega hubs in Brazil," the mining giant said. "The agreement with GEP is another important step in this direction." BACKGROUND Green hydrogen can be obtained by the electrolysis of water using renewable power and has emerged as an important way to lower emissions from sectors that are hard to decarbonize, such as transport and steelmaking. GEP had previously partnered with Brazil's Eletrobras (ELET6.SA) , opens new tab to study green energy opportunities, while Vale has inked similar partnerships with H2GS and Hydnum Steel as it mulls building "mega hubs" in several countries. Sign up here. https://www.reuters.com/sustainability/climate-energy/vale-gep-partner-hunt-brazilian-green-hydrogen-opportunities-2024-10-01/
2024-10-01 11:59
FUJAIRAH, UAE, Oct 1 (Reuters) - Trading firm Gunvor's CEO is confident the conflict in the Middle East will not impact oil supply, he said on Tuesday, adding that current prices showed the market was more concerned about soft demand. "I'm very confident that this will not have any impact at all on oil supply," Torbjörn Törnqvist said, when asked about rising tensions in the Middle East. "We have a situation around the Red Sea, Yemen, but by and large it's more like a nuisance, but not really disruptive in any way," he told the Gulf Intelligence Energy Markets Forum in Fujairah, adding the market was more worried about weak demand. Brent crude prices fell by more than 2% to around $70 on Tuesday as the prospect of higher supply and tepid global demand growth outweighed fears over escalating conflict in the Middle East and its impact on crude exports from the region. Törnqvist said the oil market had enough spare capacity and the demand outlook was looking weak, decreasing volatility. "Things are normalising," he added. He said that producer group OPEC+ was facing a dilemma whether to defend its market share or take steps to support falling oil prices. The Organization of the Petroleum Exporting Countries and its allies led by Russia, together known as OPEC+, are scheduled to raise output by 180,000 barrels per day in December, having delayed the planned increase by two months. A panel of top OPEC+ ministers called the Joint Ministerial Monitoring Committee is scheduled to meet on Oct. 2 to review the market and is not expected to change policy. Törnqvist said demand growth for 2025 was looking modest and not enough meet growing non-OPEC supply. Profit margins for oil refining were also looking weak, he added, as new and efficient refining capacity comes online. Meanwhile, demand for diesel, gasoline and jet fuel in top oil importer China has plateaued, he said. Sign up here. https://www.reuters.com/business/energy/gunvor-chair-says-mideast-conflict-wont-hit-oil-supply-demand-concern-2024-10-01/
2024-10-01 11:46
RATCLIFFE-ON-SOAR, England, Oct 1 (Reuters) - The closure of Britain's last coal plant is a major milestone on the path for the country to meet its climate targets, said the CEO of Uniper (UN0k.DE) , opens new tab, which owns the plant. Britain has a climate target to reach net zero emissions by 2050 and decarbonise its power sector by 2030 which will require it to reduce fossil fuel power production and increase renewable generation such as wind and solar. "This is absolutely a key milestone in delivering that and we shouldn't underestimate how important this is. It's the first time in 142 years that there will be no coal on the UK energy system," Michael Lewis, Uniper CEO said in an interview at an event to mark the plant's closure. The Ratcliffe-on-Soar power station, in England's Midlands started generation in 1967 and has produced enough energy to make more than 21 trillion cups of tea and its 2 gigawatt capacity is enough to power two million homes. The plant employed 170 staff and Lewis said some are taking voluntary redundancy, some are retiring and others are staying to help with decommissioning which will take around two years. After decommissioning "there are various options to develop the site around advanced manufacturing and low carbon energy and storage ... we will be looking at whatever's possible," he said. The plant closure, late on Monday, means Britain is the first G7 country to end coal-power generation and Lewis said other countries can learn from Britain's progress. "Through long-term policy incentives, we've driven down the cost (of renewables) and that's enabled us to build up the position where we can close coal," he said. Sign up here. https://www.reuters.com/business/energy/uks-coal-plant-closure-milestone-towards-climate-goals-uniper-ceo-says-2024-10-01/
2024-10-01 11:32
LONDON, Oct 1 (Reuters) - British finance ministry officials and their Chinese counterparts are in detailed discussions about staging a first high-level meeting between top finance officials since 2019, Sky News reported on Tuesday. Britain's new finance minister Rachel Reeves is considering travelling to Beijing in early 2025 for a meeting of the UK-China Economic and Financial Dialogue - a forum for bilateral talks on trade, investment and other economic issues - Sky said. Last month, Chinese state media cited Vice Premier He Lifeng as saying China was willing to restart economic and financial dialogue with Britain after he spoke by phone with Reeves. Ties between the pair became strained in recent years over British worries about a Beijing-imposed national security law in Hong Kong, its accusations of rights abuses in China's Xinjiang region, and its security concerns where Chinese firms' have been involved in providing critical infrastructure. In August, after winning parliamentary elections in July, British Prime Minister Keir Starmer told Chinese President Xi Jinping the two countries must be able to talk frankly about their disagreements and also pursue closer economic ties. A spokesperson for Britain's finance ministry, when asked about the Sky News report, pointed to last month's call between Reeves and He and said "they agreed to take forward discussions on timings and areas that could be covered in future engagement." Sign up here. https://www.reuters.com/business/uk-china-talks-about-resuming-economy-discussions-sky-reports-2024-10-01/
